Wednesday, January 19, 2011

時機很重要

時機很重要,如近來傳聞多多的和記黃埔(013)終於揭開今年首個大動作,將中港部分貨櫃碼頭業業打包往新加坡上市,兼且用信託基金方式掛牌,保留管理權之餘,還可採取較寬鬆派息政策,避免現金流有太大影響,但選擇在低息期和市場資金充裕時向市場伸手,除了預防加息,令債務負擔增多外,錢一多便身痕,確實有收購後著的憧憬。

本港上市的港口股自然逆市造好,天津港發展(3382)單日升1.5%至1.98元,而大連港(2880)的表現更突出,收市漲3.6%至3.45元,成交額亦大增至1,570萬元。

另外,將一個不利消息的影響減至最低,非蘋果(Apple Inc)管理層莫屬,選擇美國周一為馬丁路德金(Martin Luther King, Jr.)誕辰的假期,當地股市休市時才公布總舵主喬布斯(Steve Jobs.)第三次請病假消息,讓市場有更多時間消化。

該公司在喬布斯帶領下,一機領天下,股價更於去年成為美國第二大上市公司,僅次於Exxon Mobil,市值更已膨脹至高達約3,196億美元(約2.5萬億港元),而上周五收市報348.48美元(約2,718港元)。

記得上次於09年1月5日,喬布斯公布第二次請病假時,蘋果股價在之後兩日反覆回落,隨後展現一浪連跌7天場面,由92.7美元(約723港元)累積下挫至78.2美元(約610港元),足足不見了15.6%,且看今次會否歷史重演。

香港難炒蘋果股份,但未知是否無心插柳,德意志銀行於上周一推出一隻蘋果認購證(10033),每份發行價2.33元,行使價為350美元(約2,730港元),本來未計發行價,股價距離行使價僅0.43%,令該證價格更曾高見2.76元,較發行價帳面賺18.4%,可惜昨日表演高空插水,最多跌高達30%,收市仍暴瀉27.5%至1.97元。

其實,做公司高層認真不易,又要替公司搵錢而承受壓力,隨時更有離座的可能,特別是在大時大節被炒就可憐,像美國Challenger,Gary and Chrismas Inc.統計話,去年12月這個結合聖誕和除夕的慶祝月份,竟然有多達107位CEO(行政總裁)離職,較09年大幅增加35%。

全年計數,則有1,234位CEO起身,較09年僅略多7名,幸好未打破08年金融海嘯爆發,引致1,484位CEO離職的紀錄。雖然當中未有披露有多少是被請吃無情雞,但有388名是「辭職」而去,佔整體逾三成比重,恐怕是董事局籲請掛冠有關,大家體面地分手,而306名和204名則分別因退休,或續保留董事,甚至升為主席有關。只有124名是另謀高就而分手的。

香港也有高層因身體問題而離去的例子,蕭若慈話因健康理由,決定辭去創業板公司無限創意(8079)主席兼執行董事職務,可見做高層,先要保重身體。

(於1月19日刊於《am730》)

5 Comments:

At 4:10 PM, Blogger Dave said...

Happy New Year!

I've a question and hope you could clarify the mystery.

Warrants 13672 and 13673 are both derivatives of 2628 issued by UBS to be matured on Dec 2012.
However, the performance, trading volume and premium for the former warrant are all much poorer than the latter one.

Did I miss something from the background of the warrants?

Hope you could clarify the mystery for me.

 
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